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Editorial Review:
Product Description:
PPC's Guide to Accounting for Income Taxes will be useful whether you primarily prepare tax returns or prepare annual and interim financial statements for your clients' businesses. There are certain deferred taxes issues (GAAP to tax accounting differences) that are common for most small companies, but there are also some differences that may not be as obvious. Practitioners need to not only have the most recent and comprehensive resources available when implementing tax changes for client businesses, but also to recognize how recent changes in the tax code may affect a client's reporting for financial statement purposes. The Guide explains all of the deferred tax accounting rules and contains comprehensive guidance on how to calculate the current income tax provision. It illustrates all aspects of accounting for income taxes, including computing taxable income, identifying temporary and permanent differences, computing the tax effect of permanent differences, making proper disclosures, and dealing with NOLs, AMT, and credits.
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